I am proud to have spent time working in Pineville (say “pinevul”), West Virginia.
I often am called to work at companies teetering on the brink of failure. There are times when I tell the owners that they haven’t failed. They gave it a great go but they didn’t catch any breaks. An unforeseen market shift, a series of mechanical breakdowns or the financial collapse of a big customer can bring a fragile business down fast.
There are many things that can go wrong in a partnership. The consequences of a failed business partnership is often more severe than a divorce. Most states are now “no fault” divorce states. That means you don’t fight out anything in court.
If your business has been running a while, even a few years, should you bother to make a plan? You bet. I can guarantee you are wasting money and losing opportunities if you have no plan. But a plan for a business that is already running is different from a business plan at launch.
A leak in a tire isn’t a good thing. A leak in your water heater isn’t good. A leak in your business could drain away the last of your reserves.
A big error made by many young businesses is entering the chase for the big deals. Yes, we all like the big ones. But big sales, big projects come with big responsibility and big liability the young businesses are seldom prepared to handle.